Nigeria needs $70bn to diversify into knowledge economy – Teniola
…As stakeholders call for protection of critical national infrastructure
Ladesope Ladelokun
Nigeria needs at least $70 billion for its economy to be diversified from a petrol-centric economy to a knowledge-based economy, says President, Association of Telecommunications Companies of Nigeria (ATCON), Mr Olusola Teniola.
Teniola, who was recently appointed the Chief Executive Officer of Phase 3- West Africa’s largest fibre optic infrastructure and telecommunications service provider- told The Daily Times in an exclusive interview that the said amount will be spent over a period of 10 to 15 years,
and it will represent investments in further deployment of fibre, 5G, 4G equipment, business support system, handsets, core network equipment, et al. And most importantly, ensure that there is education of youths in science and technology, engineering and mathematics.
He further stressed that issues surrounding the $70 billion investment will form a major highlight of the forthcoming fifth telecom executive\regulator forum that will hold on July 11, 2019, adding that burning issues like local content, cybercrime, especially cybercrime act which speaks to critical national infrastructure.
Teniola lamented the unceasing multiple fibre cuts suffered by telecom operators, destruction of base stations due to nebulous and undisclosed reasons for the collection of illegal taxes.
He, however, enjoined the Federal Government to harmonise all taxes charged telecommunications companies to ensure that the industry continues to enjoy Foreign Direct Investments and Local Direct Investments.
Recall that Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Mr Gbenga Adebayo, had expressed worry over the protracted issue of multiple taxation at the recently held Nigerian Telecom Leadership Summit in Lagos.
According to Adebayo, Telecom operators pay not less than 39 different taxes, noting that the much desired FDIs would continue to be hindered if the current hostile business environment persists.
On his new appointment as Phase3 CEO, Teniola described the company as “home” because he started his career in Nigeria at Phase 3 almost ten years ago.
He said his areas of focus in the next 100 days would be transforming the organisation along the lines of digital transformation and resolving its issue with the Transmission Company of Nigeria(TCN) which borders on the denial by the Director General to allow it unfettered access to its equipment.
“They are frustrating us because they have not allowed us to have proper dialogue to resolve issues that are really common in business relationships.
We really need the presidency, DSS and ONSA to actually intervene so we can have a business discussion on areas that have to do with the way we work together”, he explained.
